Professor Susan Watson (University of Auckland, New Zealand) gave a lecture entitled "An Eversion in Thinking: The Company as a Persona Ficta" on 26 February 2019 at the Faculty of Law as a guest of 3CL. The argument that forms the basis of this seminar is that the modern company is a legal entity that is a persona ficta; a juridical person separate from all natural persons. Professor Watson will argue that being a persona ficta separate from all natural persons enables the company to capture forms of value derived from the people who work for the organisation, or who transact with the company. The company converts that value to forms of capital that it combines to generate further value. That lock in of capital over time has made size, scope and scale possible within the corporate form. That value extends beyond financial and other forms of capital to organisational systems. The accounting and later legal separation of the fund as a legal entity not just from shareholders but from all the people who are part of the organisation made partitioning of that value in the persona ficta possible. 3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners. For more information see the Centre for Corporate and Commercial Law website at http://www.3cl.law.cam.ac.uk/